Columbia holds an endowment of over $13 billion, and with that sum comes huge responsibility. As the climate crisis enters “uncharted territories of destruction,” institutional bodies like Columbia fail to develop transparent and satisfactory regulations for reducing fossil fuel dependency and investment1.

In divesting, an institution is selling off direct investments (stocks, etc.) and also severing itself from the indirect investment of assets- ending any relationship with the fossil fuel industry. Institutional divestment buffers the climate crisis by moving endowments to renewable energy industries and initiatives. The ultimate goal of widespread divestment is to bankrupt fossil fuel companies politically and morally. We are emphasizing the seriousness of the climate crisis and mobilizing the public and private sectors to increase pressure on industries and their investors to decrease dependency.

Many universities hold endowments- monetary or financial asset donations from third parties- which become sources of investment income. Investments may go toward fossil fuel companies or their benefactors in return for monetary gain (bonds, stocks, and indirectly through investing in third-party vehicles). These investments increase the endowment of universities and become a source of motivation for continued investment. Columbia University is not immune to this claim. Approximately 12% of Columbia’s budget comes from endowments, worth $13.28 billion in 2022. The Advisory Committee on Socially Responsible Investing (ACSRI) advises University Trustees on issues (ethical and social) that may arise with investments made using the endowment2.

On January 20th, 2021, Columbia committed to divesting from public companies that primarily produce thermal coal, to continue not investing in publicly-traded gas and oil companies, and to avoid new investments in private funds that primarily invest in gas and oil companies. However, Columbia’s extremely vague wording in its commitment to divest from fossil fuels leaves loopholes for the school to be noncommittal in divestment. The commitment currently doesn’t include Scope 2 emissions (indirect emissions from purchased fossil fuel energy- i.e. transportation).

Likewise, Columbia’s current policy on fossil fuels only includes halting investments in funds or companies where the primary business or investment is in oil and gas. The term “primary” is vague and does not have a defined percentile cut-off. Columbia has also neglected to address its handling of investments in companies where fossil fuels are the secondary source of revenue. For example, remaining invested in a company that produces pipes that carry oil, while not a direct investment in an oil company, continues to support the fossil fuel industry. These companies, although not producing oil themselves, bolster the industry and contribute to environmental degradation.
As a powerful institution, Columbia must step into a leadership role in the divestment movement. Not only is Columbia one of the largest landowners in NYC, but they could also set the standard for the rest of the Ivy League in setting transparent divestment criteria. While universities around the country are committing to full divestment and endowment transparency, like the UC college system, Columbia remains stagnant. Ultimately, the investments that fuel our facilities, academics, and opportunities are stoking the climate crisis and removing possibilities for future generations.

Therefore, as the Columbia community, we demand the following of Columbia University in the City of New York (hereby afterward referred to as the University):

1. The University will cease all remaining investments in private funds which are involved, funded, and invested in public and private fossil fuel companies. This extends to companies reliant upon oil and gas as secondary sources of income revenue streams.
a. The University should phase out these investments to ease the transitional
process. A transitional period of at least a year is advisable, however, extraneous
circumstances may impede this goal.
b. The University should address the criteria and process of potential divestment
from secondary revenue businesses.
2. The University will define what it considers “primary” and “secondary” fossil fuel revenue businesses. This will promote transparency between the institution and the community it serves.
3. The University will expand its divestment criteria to include Scope 2 and 3 emissions.
4. The University will close the indirect investment loophole, where they use third-party groups to put money into fossil fuel companies and associated businesses.

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Thank you for participating in your community and pushing for a better tomorrow. You are mobilizing your community to advocate for a better future for the planet, for ourselves, and for future generations. The impact of your voice can be immense.

1. The Guardian, “World heading into uncharted territory of destruction.” Sept. 13th, 2022. https://www.theguardian.com/environment/2022/sep/13/world-heading-into-uncharted-territory-of-destruction-says-climate-report.

2. Columbia University in the City of New York, “Financial Overview.” 2022.
https://www.columbia.edu/content/financial-overview.

3. UCLA: Sustainability, “UC fully divested from fossil fuels.” May 19, 2020.
https://www.sustain.ucla.edu/2020/05/31/uc-fully-divested-from-fossil-fuels/.